The September 2017 Equifax data breach exposed the personal information of 147 million people, and now it’s time for revenge.
Well, revenge in the form of a cash payout, anyway. Equifax recently reached a $650 million settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 US states and territories, with up to $425 million of that set aside for consumers.
Ideally, everyone affected by the Equifax breach will get a $125 payout for their trouble. If that sounds too good to be true, it might be. As the FTC wrote in a Wednesday blog post, “the public response to the settlement has been overwhelming,” so the pot of money available to victims grows smaller with each claim. The agency is thus recommending that people opt for 10 years of free credit monitoring instead of cash.
“The pot of money [for cash payouts] is $31 million. A large number of claims for cash instead of credit monitoring means only one thing: each person who takes the money option will wind up only getting a small amount of money. [It will be ] nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed.”
One might argue that perhaps Equifax should commit more money to that cash payment pot, but we are just humble hack victims, so what do we know? Here’s how to file a claim and get your Equifax money.